Special Needs Trusts: A Guide to Protecting Your Loved Ones

Special Needs Trusts: A Guide to Protecting Your Loved Ones

Welcome back to another estate planning edition of Wine and Dime. In this episode, we will be delving into the topic of special needs trusts. As the CEO and founder of Rooted Planning Group, I have had the privilege of gaining valuable insights from the Encore Estate's Team, who have provided me with guidance and educational language on this subject. Before we dive in, I would also like to highlight a winery that I recently visited, Kemmeter, located in the Finger Lakes area of New York. Their unique approach to winemaking, influenced by music, has brought a fresh perspective to the industry. But now, let's turn our attention to the important matter at hand - special needs trusts.

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Key Takeaways

Here's a brief summary of the episode for all you time-pressed listeners who want your information as crisp and light as a glass of Pinot Grigio:

  • A Special Needs Trust helps a beneficiary inherit assets without jeopardizing their eligibility for government benefits.

  • The trust allows clients to appoint a professional fiduciary to manage the funds.

  • Assets in the trust never directly belong to the beneficiary.

  • Tailor your Special Needs Trust to the specific needs and circumstances of each beneficiary.

Unveiling the Special Needs Trusts

In this episode, we delve into what a Special Needs Trust is all about. This is a financial safety net designed to ensure that beneficiaries continue receiving needs-based government benefits, like Medicaid and Supplemental Security Income (SSI), even after they inherit assets. It's a supplement, not a replacement. Think of it like adding that perfect splash of creamer to your morning coffee – it doesn't replace the coffee, just enhances it.

Maintaining Control with Special Needs Trusts

One of the unique aspects of a Special Needs Trust is that the assets never directly belong to the beneficiary. This means they can inherit assets and still maintain their benefits. Also, a Special Needs Trust allows me as a client to appoint a trusted individual or professional fiduciary to manage the funds for the beneficiary's benefit. It's all about preserving control and ensuring the beneficiary's financial safety.

When Do You Need a Special Needs Trust?

In this episode, I highlight various circumstances that might require a Special Needs Trust. From caring for a sibling who can't make independent financial decisions to securing a future for a child with a learning disability, the scenarios are as varied as the wine varietals in Napa Valley. However, it's crucial to remember that a Special Needs Trust isn't a one-size-fits-all solution. Always make sure to consult with a qualified attorney or legal counsel to tailor the trust to your specific needs.

My Wine Recommendation

Now, what would an episode of "Wine and Dime" be without a wine recommendation? This time, I'm suggesting a Riesling from Kemmeter in the Finger Lakes area of New York. It's a wine that harmonizes just right with our discussion on Special Needs Trusts, delivering both sweetness and depth. Here's to savoring every note!

I hope you find this episode as enlightening as I found it enjoyable to create. And don't forget to rate us on iTunes and share your thoughts. Your feedback is the secret ingredient to making this podcast better and better. Until next time, here's to responsible drinking and even more responsible financial planning!

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Understanding the Five Wishes: A Comprehensive Guide to End-of-Life Planning

Hello, Wine and Dime listeners! Thank you once again for joining the show. Today, we are diving into a topic that is often overlooked but incredibly important in estate planning: The Five Wishes. This document, created by the organization Five Wishes, is the first living will that addresses not only your medical wishes but also your personal, emotional, and spiritual needs. It allows you to choose the person who will make healthcare decisions for you if you are unable to do so yourself.

Key Takeaways:

  1. The Five Wishes is a comprehensive living will that addresses personal, emotional, and spiritual needs, in addition to medical wishes.

  2. The document allows individuals to choose a healthcare decision-maker and specify their medical treatment preferences.

  3. It covers how individuals want to be treated, what they want loved ones to know about them, and their funeral wishes.

  4. Distribute copies of the Five Wishes to relevant parties and keep the original in a safe place at home.

  5. Aging with dignity involves ensuring that family members are aware of an individual's final wishes.

Before we delve into the details of The Five Wishes, let's take a moment to talk about something a little lighter. In our previous episodes, we featured a winery called Billsboro on Seneca Lake. If you ever find yourself in the Finger Lakes area of New York, I highly recommend visiting Billsboro. Their wines are delightful, and the setting in their beautiful old barn is truly picturesque. One wine that stood out to me was their 2022 Syrah, which will be released soon. It's a light and rich-flavored wine that I believe many wine enthusiasts will enjoy.

Now, let's get back to the topic at hand: The Five Wishes. This document is a comprehensive living will that covers various aspects of your healthcare and end-of-life wishes. It was created with the help of the American Bar Association Commission on Law and Aging and is available in 29 languages.

The Five Wishes addresses five key areas:

1. Choosing a Healthcare Decision-Maker

The first wish allows you to designate the person you want to make healthcare decisions for you if you are unable to do so yourself. This person, known as your healthcare proxy or agent, will have the authority to make medical decisions on your behalf. It's crucial to choose someone you trust and who understands your values and wishes.

2. Defining Your Medical Treatment Preferences

The second wish focuses on your preferences for medical treatment. It allows you to specify the kind of medical treatment you want or don't want in various scenarios. You can outline your preferences for pain management, comfort, and life-supporting treatments. The document provides options for you to be as specific as you'd like, ensuring that your wishes are known and respected.

3. Ensuring Comfort and Dignity

The third wish centers around your desire for comfort and dignity. You can express how you want to be cared for, including specific requests such as having pictures of loved ones in your room, being treated with kindness and cheerfulness, or even being called by a particular name or nickname. This wish allows you to define how you want people to treat you during your healthcare journey.

4. Communicating Your Personal Wishes

The fourth wish is an opportunity for you to communicate your personal wishes to your loved ones. You can express forgiveness, love, and any other sentiments you want your family and friends to know. Additionally, you can outline your preferences for your body after death, such as burial, cremation, or donation. This wish ensures that your loved ones have a clear understanding of your final wishes.

5. Funeral and Memorial Service Preferences

The fifth and final wish covers your preferences for funeral and memorial services. You can specify whether you want a burial or cremation, provide details about your desired memorial service, and even mention how you want to be remembered. This wish allows you to leave a lasting impression and ensure that your funeral arrangements align with your wishes.

The Five Wishes document is easy to use, with checkboxes, circles, and spaces for you to fill in your specific preferences. Once you sign the document, it becomes legally binding and supersedes any previous living will or durable power of attorney for healthcare that you may have had. It's important to distribute copies of the document to your healthcare proxy, family members, doctors, and anyone else involved in your care.

By completing The Five Wishes, you can age with dignity and have peace of mind knowing that your wishes will be respected. It also relieves your loved ones of the burden of making difficult decisions without knowing your preferences.

In conclusion, estate planning is not just about financial matters; it also involves making decisions about your healthcare and end-of-life wishes. The Five Wishes provides a comprehensive framework for addressing these important aspects of your life. By utilizing this document, you can ensure that your wishes are known and respected, and you can spare your loved ones from unnecessary stress and conflict during difficult times.

I encourage you to visit the Five Wishes website or reach out to us at info@rootedpg.com to obtain a copy of this invaluable document. Take the time to complete The Five Wishes and have open conversations with your loved ones about your wishes. It may not be the most enjoyable topic to discuss, but it is an essential part of planning for the future. Remember, aging with dignity is a gift we can give ourselves and our loved ones.

Thank you for joining us on this episode of Wine and Dime. If you found this information valuable, please share it with your friends and leave us a review on iTunes. Your support helps us reach more people like you who can benefit from our financial insights. Stay tuned for our next episode, where we will be discussing special needs trusts. Cheers to a well-planned future!

Power of Attorney: Your Financial Lifeline in a Bottle

Hey there, wine enthusiasts and financial aficionados! In this episode of "Wine and Dime," I'm thrilled to uncork the complex topic of Power of Attorney in Estate Planning. We'll pour out the details, swirl them around, and give you a taste of why this legal document is a crucial part of your financial vineyard. So, grab your favorite glass, sit back, and let's dive into the world of Power of Attorney, one sip at a time.


Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!


Key Takeaways:

  • Powers of attorney can be either temporary or permanent and are essential for planning for emergencies and incapacity.

  • A durable power of attorney remains in effect even if the principal becomes incapacitated, while a nondurable power of attorney ends in such situations.

  • It is crucial to appoint a trustworthy agent with integrity and consider appointing a secondary agent as a backup.

  • A durable financial power of attorney allows the agent to handle the principal's financial affairs, while a durable healthcare power of attorney enables the agent to make medical decisions.

  • Powers of attorney do not continue beyond a person's life, and separate documents are needed for financial and healthcare powers of attorney.

A Journey to Billsboro Winery

I kicked off the episode with a delightful recount of my visit to Billsboro Winery. Nestled on the shores of Seneca Lake, this winery is a must-visit for all wine lovers. My recommendation? The Alberino - a refreshing white grape wine that's perfect for summer. So, whether you're a local or a visitor, make sure to add Billsboro Winery to your itinerary.

Decoding Power of Attorney

Next, I uncorked the main topic of the episode: Power of Attorney. I explained the two types of Power of Attorney - financial and healthcare - and the difference between durable and non-durable. I emphasized the importance of appointing a trustworthy agent and having a successor in place. Remember, this isn't legal advice, but a guide to help you understand the terminology and its relevance to your life.

Pitfalls to Avoid

I also highlighted some common pitfalls to avoid when dealing with Power of Attorney. From appointing the wrong agent to not having access to the physical document, I outlined potential issues that could leave a sour taste in your financial planning.

Recommended Wine

To pair with this episode's theme, I recommend the Alberino from Billsboro Winery. Much like a Power of Attorney, this wine is there for you when you need it most, providing a refreshing, reliable taste that you can count on. So, as you navigate the complexities of estate planning, take a moment to savor Alberino's crisp, light flavors. After all, who said legal discussions couldn't be paired with a delightful wine?

That's it for this episode of "Wine and Dime." Stay tuned for our next episode, where we'll delve deeper into your final wishes. Until then, keep sipping, keep learning, and remember - life, like wine, should be savored, not judged. Cheers!

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Supreme Decisions: The Impact on Student Loans

Welcome to another illuminating episode of Wine and Dime, where we explore and demystify financial landscapes while celebrating life's finer things. This week's episode is packed with insightful discussions, unraveling the latest updates on student loan repayments following a recent Supreme Court ruling.

Hosted by Amy Irvine, CEO and Owner of Rooted Planning Group, this episode will guide you through this complex situation, equipping you with knowledge to navigate the shifting sands of student loans in the United States.

Wine or Winery Recommendation

Let's kick off this episode with a wine recommendation. This week, we introduce you to Billsboro Winery located on the picturesque Seneca Lake. Offering a unique mix of European style wines, Billsboro specializes in blended wines and a delightful summer Rosé.

Indulge in their flavorful Cabsellagnon and Sarah blends, or savor their diverse and vibrant Rosé. Besides the wines, you can delight in their specially curated charcuterie board. The winery also offers a delectable chocolate pairing for those with a sweet tooth. To learn more about their offerings or plan your visit, head over to Billsborowinery.com.

Remember:

  • Make a reservation due to the winery's intimate size

  • Visit their website for online purchases if you're outside the Finger Lakes area

  • Enjoy their uniquely blended wines and pairings

Main Discussion: Current State of Student Loans and the Supreme Court Decision

In the wake of the COVID-19 pandemic, federal student loans were temporarily paused. However, a recent Supreme Court decision has stirred the waters. This ruling blocks the Biden administration's efforts to cancel up to $20,000 in federal student loans.

Key Highlights:

  • Interest on federal student loans will start accruing from September 1, with payments beginning in October

  • Updating personal information and balances with your student loan provider is essential

  • Consider income-driven repayment and public service loan forgiveness to cancel student loan debt

Amy goes on to delve into specific repayment plans like IBR (Income Based Repayment) and ICR (Income Contingent Repayment). She also shares valuable tips for managing and planning for your student loan repayment.

Closing Remarks

The world of student loans can be confusing and daunting. Stay tuned with Wine and Dime for more updates, especially with the unveiling of the new SAVE plan that offers several benefits to student loan borrowers.

In the meantime, do start budgeting for your repayments and explore organizations like Tisla, which provide free and fair student loan advice.

Key Takeaways

  • Review and update your student loan provider account

  • Reconsider your repayment options, especially income-driven ones

  • Start budgeting for repayments, potentially setting aside money in a savings account

  • If you need additional help, consult organizations like TISLA

  • Stay informed about the upcoming SAVE plan

Recommended Wine

Billsboro Winery

Located on Seneca Lake, Billsboro Winery produces elegant wines to suit various occasions. Their unique blends, like Cabsellagnon and Sarah, offer a rich and full-bodied flavor profile. Their summer Rosé is a refreshing treat. Visit their website or make a reservation to experience their exceptional wine tasting experience.

Website: Billsboro Winery

Ensure to tune in next time for another exciting episode of Wine and Dime, where we make financial education as enjoyable as a glass of your favorite wine!

Healthcare Proxies & Your Comprehensive Estate Plan

Welcome back to Wine and Dime, where we delve into the rich nuances of financial planning, just as one might explore the complexities of a fine wine. In this episode, Amy Irvine, CEO and Founder of Rooted Planning Group, uncorks the topic of healthcare proxies in estate planning.

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

What You'll Learn

  • The definition and purpose of a healthcare proxy within the context of comprehensive estate planning.

  • The importance of selecting a trusted person (or persons) who can make healthcare decisions on your behalf during difficult and emotional times.

  • Various scenarios and preferences you can outline in your healthcare proxy, including end-of-life decisions, organ donations, and specific medical treatments.

  • An understanding of the Health Insurance Portability and Accountability Act (HIPAA) and its impact on your healthcare information.

  • The relevance and importance of advanced directives and how they complement a healthcare proxy.

  • How to manage healthcare-related decisions in case of permanent unconsciousness or terminal conditions.

  • The necessity of open conversations with loved ones about your healthcare preferences and end-of-life wishes.

Wine Tour Recommendation

Rooted Vine Wine Tours | Santa Barbara Wine Tours & Tastings (rootedvinetours.com)

In keeping with the tradition of discovering wineries with a rooted theme, Amy brings to our attention the Rooted Vine Wine Tours based out of Santa Barbara. It's not a winery in itself but offers an exciting opportunity to explore various wineries in the region.

Whether you're a novice enthusiast or a seasoned connoisseur, Rooted Vine Wine Tours promises a delightful expedition through some of the finest vineyards Santa Barbara has to offer. Ideal for those planning a visit to the area or looking for a unique wine adventure.

Remember, like our financial journey, wine tasting is not just about the destination but the journey itself. You may just find your new favorite vine on the Rooted Vine Wine Tour!

Check out their website for more details and plan your wine tour extravaganza.

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

"Trust" Me, You Need to Listen to This Episode on Estate Planning

Hey there Wine and Dime listener!

Are you ready to dive into the world of estate planning with me? In this episode, we're going to talk about trusts - and trust me, it's not as complicated as you might think!

First, I'll give you an overview of the different types of trusts, including testamentary trusts, living trusts, and irrevocable trusts. We'll also dive into specific types of irrevocable trusts, like irrevocable life insurance trusts and charitable remainder trusts. Don't worry, I'll make sure you understand all the parties involved in a trust, including the grantor, beneficiary, and trustee.

One thing that I find super important is having a pour-over provision will to account for any assets accidentally left out of the trust. As a trustee, it's crucial to know about this provision and how it works - trust me on this one!

There are so many reasons for forming a trust, like blended households, clear asset distribution, privacy of asset distribution, and asset protection. And if you want to learn more, you can always check out the resources on the Rooted Planning Group website.

As always, don't forget to rate and subscribe to the show. And a big shoutout to T.J. Meehan, who helps with production. If you have any questions or want to learn more, you can contact me through the Rooted Planning Group website or follow us on social media.

In my opinion, estate planning is not just for the wealthy. It's for anyone who wants to make sure their assets are distributed according to their wishes. So, let's get started on securing our future by playing this episode now.

What You'll Learn:

  1. The types and purpose of various trusts, including Testamentary Trusts, Living Trusts, and Irrevocable Trusts.

  2. The parties involved in a trust: The Grantor, The Beneficiary, and The Trustee.

  3. The role of an executor in the trust process.

  4. The various scenarios where forming a trust could be beneficial.

  5. The nuances of estate planning with blended families.

Summary of Discussion:

In this fruitful discussion, Amy Irvine, founder of Rooted Planning Group, takes a deep dive into estate planning with a focus on trusts. Trusts are vital tools in estate planning that ensure your assets are handled according to your wishes. The episode uncovers the different types of trusts, including Testamentary, Living, and Irrevocable Trusts, each serving unique purposes.

Amy also explains the roles of the three key players in a trust: The Grantor (who creates and funds the trust), the Beneficiary (who ultimately receives the proceeds from the trust), and the Trustee (who has a fiduciary responsibility to manage the trust).

Amy touches on the vital role of an executor who works closely with the trustee to ensure a smooth asset transfer. This episode also explores situations where forming a trust could be particularly beneficial, including blended households, probate reduction, privacy of asset distribution, and asset protection.

Winery Recommendation:

Get your corkscrews ready because this episode's wine recommendation is Bricoleur Vineyards, a French winery in beautiful Sonoma County. While Amy hasn't tasted their wines yet, she was drawn to their theme of "roots," which resonates with the spirit of the Rooted Planning Group. They have a strong focus on their vineyard's roots, reminding us of the deep-seated connections between life, finances, and good wine.

Wrapping Up:

This episode is a must-listen for anyone looking to take a deeper understanding of trusts and estate planning. As always, Amy encourages listeners to refer to additional resources available on rootedpg.com. Don't forget to share this episode with friends, rate it on iTunes, and prepare for the next episode. Now, raise a glass to smart financial planning and exceptional wine!

Remember, this is not legal advice. If you're looking for legal advice on estate planning, please consult an estate planning attorney or an elder law attorney who specializes in this topic.

FAQ

Q1. What is estate planning?

Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. Learn more about it in Episode 1 of our series.

Q2. What is a Trust in estate planning?

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.

Q3. What types of Trusts are there?

There are several types of trusts including testamentary trusts, living (or revocable) trusts, and irrevocable trusts. Each has unique features and benefits. You can listen to Amy's deep dive into each one in this episode.

Q4. What are the roles involved in a Trust?

There are three main roles involved in a trust: The grantor (who creates and funds the trust), the beneficiary (who receives proceeds from the trust), and the trustee (who has a fiduciary responsibility to follow the trust language and act in the best interest of both the grantor and beneficiary).

Q5. Why would I want a Trust in my estate plan?

Trusts are often used in estate planning to achieve a variety of objectives including privacy of asset distribution, potential reduction of probate, and protection of assets, especially in cases of blended families.

Q6. Can I change the terms of my Trust?

It depends on the type of trust. Revocable (or living) trusts can be altered or even revoked entirely by the grantor, while irrevocable trusts, once established, cannot be changed.

Q7. What is an ILIT and how does it work?

An Irrevocable Life Insurance Trust (ILIT) is a trust that is set up to own a life insurance policy. This can be a beneficial strategy for reducing estate taxes. Find more information here.

Q8. What's a Charitable Remainder Trust?

A Charitable Remainder Trust is an irrevocable trust that generates a potential income stream for you, or other beneficiaries, with the remainder of the donated assets going to your favorite charity or charities. Find more information here.

Q9. What are the resources for more information?

You can find further resources and information on our website.

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Simplifying Wealth Transfer: The Power of Trusts in Estate Planning

Hey there, folks! I'm excited to share with you this episode of Wine and Dime, where I talk about the significance of estate planning. Trust me, it's a topic that you don't want to miss out on!

During this episode, I stress the importance of reviewing beneficiaries annually and provide some helpful tips, such as creating a spreadsheet or list of all accounts with named beneficiaries. I also explain the probate process and how it varies by state.

Furthermore, I dive into the importance of having a will and how creating an estate plan that includes a trust can protect financial details from becoming part of a public record. Trust me, it's a game-changer!

If you're feeling overwhelmed by the idea of estate planning, don't worry! I recommend consulting with an attorney or financial planner for complicated situations. It's always better to be safe than sorry when it comes to your finances.

So, grab a glass of your favorite wine, and tune in to this episode. You won't regret it!

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Topics Covered:

Probate and its process:

  • The probate process and its requirement can vary by state.

  • In some states, like California, probate is automatic.

  • The process involves several steps including obtaining a death certificate, identifying an executor or administrator for the estate, identifying assets, paying expenses like debts or taxes, and notifying or paying beneficiaries.

  • If there's a will, a judge validates it, and it usually needs to have witnesses. In some states, these witnesses must appear at probate, while in others, they can sign an affidavit when the will is signed​.

Role of an Executor:

  • When there's a will, it identifies the executor, assets, beneficiaries, and any outstanding debts and obligations.

  • The executor's job can be simple or very involved, depending on the complexity of the estate.

  • The executor's responsibilities include taking stock of the decedent's assets, including those not listed in the will, ensuring control of the assets during the probate process, and possibly hiring an appraiser to determine the value of certain assets.

  • The executor also needs to notify creditors about the death, which includes banks and even publishing an obituary to alert unknown creditors.

  • Finally, the executor must resolve the estate, which includes paying off debts and distributing assets to the beneficiaries​​.

Probate without a Will (Intestacy):

  • If there's no will, either because the decedent did not prepare one or because the court rules the one they have to be invalid, the estate is said to be intestate.

  • In this case, any remaining assets, after debts are paid, go to the closest living relative. The determination of who this relative is can vary depending on state laws and personal circumstances​​.

Avoiding Probate:

  • While having a will can facilitate probate, it does not avoid the process entirely.

  • Some ways to potentially avoid probate include naming beneficiaries on all accounts, transfer-on-death arrangements, and trusts.

  • However, it's important to note that some assets are exempt from probate, such as life insurance trusts, jointly owned properties, and payable-on-death arrangements. Most retirement plans also fall outside of probate if beneficiaries are named.

  • For those wishing to avoid probate and protect financial details from becoming part of the public record, consider creating an estate plan that includes a trust​.

Wine Recommendation - Rooted Souls Winery

WHERE IT ALL STARTED…, RED MOUNTAIN

The idea of Rooted Souls Winery started when Steve’s passion for wine took off after a wine-tasting trip to Red Mountain AVA in Benton City, WA. He followed his passion and studied enology at Washington State University in eastern WA, making his first vintage in 2016. After a successful barrel of Merlot, the business officially started in 2018. Hustling at farmers markets and selling wine to local restaurants eventually led to finding Woodin Creek’s Wine Alley where the first tasting room was opened in July 2021.

FROM TERROIR TO BOTTLE

The “Rooted Souls” name stems from the desire to highlight WA state terroir and to create unique wines that can properly highlight such terroir. “Rooted Souls” also goes beyond just terroir as it is an extension of Steve and his wife Erica’s artistic vision to create a wine that truly expresses liquid art.

FOR LOVE

Rooted Souls Winery is a labor of love by Steve, Erica, and their fabulous tasting room associate Hannah. We hope that our wines, and the environment we create within our tasting room and beyond provide you a sense of love.

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Estate Planning: Why It's Essential and How to Get Started - Part 1 of a Comprehensive Series

Hey there! Welcome to this episode of Wine and Dime, where I am going to introduce you to a new series on estate planning. Trust me, it's going to be a blast!

So, let's dive right in! Estate planning is an important process that involves making some major decisions. And, if you're wondering why you need an estate plan, let me tell you, there are three basic reasons - privacy, protection of loved ones, and peace of mind.

Now, let's talk about the five components of estate planning. First up, we have a will, which is a legal document that outlines your wishes for your assets after you pass away. Then, we have a healthcare proxy, which is a document that designates someone to make medical decisions for you if you're unable to do so. Next, we have a HIPAA release, which allows your designated person to access your medical records. After that, we have a power of attorney, which gives someone the authority to make financial decisions on your behalf. And last but not least, we have naming guardians for any minor children.

It's important to do an annual review of your estate planning documents and pick primary and contingent guardians. Trust me, it's better to be safe than sorry. So, let's get started on this exciting journey of estate planning together!

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Shout Out to the Winery of the Week

Living Roots

  • Amy gives a shout-out to our sponsor, Living Roots. This unique winery boasts wines from Australia and Rochester, New York. If you're a wine enthusiast, you might want to check them out!

Estate Planning Explained

  • Amy defines estate planning as legal planning that helps you control who inherits your assets and who can make medical and financial decisions on your behalf. She emphasizes that her goal is to educate, not provide specific legal advice.

Why is Estate Planning Necessary?

Amy discusses three reasons why estate planning is crucial:

  • Control: Having an estate plan lets you decide who inherits your assets and makes important decisions for you.

  • Peace of Mind: By determining the distribution of your assets in advance, you reduce potential conflicts after your death.

  • Privacy: Proper planning ensures that your wishes are respected and your loved ones' privacy is protected.

Key Components of an Estate Plan

  • Beneficiary Designations: Deciding who will inherit your assets.

  • Method of Distribution: Establishing how and when your beneficiaries will receive their inheritance.

  • Trustees, Executors, and Powers of Attorney: Choosing the people who will make financial decisions for you if you're unable to do so.

  • Health Care Proxies: Appointing someone to make healthcare decisions on your behalf.

  • Guardians: If you have minor children, deciding who will care for them in your absence.

Wills vs Trusts

  • Amy explains the differences between a will and a trust. While both documents allow you to control who gets your assets, trusts offer more control and privacy.

Remember to review your estate plan regularly and ensure that your designated executors, proxies, and guardians are aware of their responsibilities.

Stay tuned for our upcoming episodes, where we'll delve deeper into different types of trusts, beneficiary designations, and end-of-life decisions. Don't forget to check the show notes for a checklist on estate planning!

Please note that the information provided in this episode is meant for educational purposes only. Consult with your legal advisor for advice pertaining to your specific situation.

Next Time on Wine and Dime

Join us as we continue our journey into the world of estate planning. We'll unpack the intricacies of trusts, highlight key aspects of beneficiary designations, and much more. Don't miss it!

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Exploring the Debt Ceiling: Impact and Implications on Personal Finance

Welcome to another episode of our podcast, where we believe in blending financial acuity with the art of living well. Today, we're tackling a topic that can seem as complex and intimidating as a sommelier's wine list—the Debt Ceiling. In this session, our very own Amy Irvine, CEO and Founder of Rooted Planning Group, takes us on a guided tour of the fiscal landscape.

We'll be getting to grips with the intricacies of the Debt Ceiling, its importance in the U.S. economic system, and its potential implications on personal finance. Just as every grape variety has its own unique character, every financial concept has nuances that can profoundly impact your financial health. We'll distill these complex matters down into palatable, easy-to-understand bites.

And, speaking of bites, we won't be leaving you parched. Amy will be sharing her recent wine adventure as she takes us to the Walla Walla Valley in Washington State, promising us some delightful deep reds that are as surprising and fascinating as our topic of discussion. So, pour yourself a glass and get comfortable as we uncork the mysteries of the Debt Ceiling in this episode.

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

Key Discussion Points:

  1. What is the Debt Ceiling?: This episode unpacks the debt ceiling concept, which is the maximum amount of money Congress authorizes the federal government to borrow to meet its bills. It's crucial to note that these expenses are pre-approved, indicating that Congress is aware of expenses surpassing the revenue.

  2. The Global Perspective: In a world where only the US and Denmark have a fixed debt ceiling, we ponder whether this approach is antiquated. Should the discussion also revolve around changing the formula?

  3. Historical Precedents: We reflect on the four instances when the US, arguably, defaulted, and the closest we came to a default in 2011, which resulted in the loss of the AAA rating.

  4. Potential Impact of a Default: The episode then explores the sobering potential consequences if the US were to default - including substantial GDP drop, millions of job losses, and the consequent hike in borrowing costs.

  5. The 14th Amendment as a Solution? Finally, we discuss the implications of invoking the 14th Amendment to entirely remove the debt ceiling, a significant shift in our financial structure.

If you found our episode enlightening and engaging, don't hesitate to like, rate, and subscribe to Wine and Dime for more discussions that harmonize the world of wine and personal finance. Got queries or topics you want us to uncork in our future episodes? Feel free to reach out. Tune in next time for more financial insights as we continue our journey from the roots of your financial vineyard to the tips of your flourishing vines. Cheers to your financial well-being!

Wine Region Recommendation:

In true Wine and Dime fashion, we can't explore the complexities of the Debt Ceiling without a fine wine to accompany our discussion. This episode, Amy takes us on a virtual wine tour to the lesser-known but nonetheless impressive Walla Walla Valley in Washington State.

Amy's journey into this stunning viticulture region reveals a treasure trove of deep, sumptuous red wines that promise to delight your palate. The Walla Walla Valley might not be as famous as its neighbors, the Columbia Valley and Willamette Valley, but its wines have a distinctive character that's worth seeking out. With rich, full-bodied flavors that echo the valley's unique terroir, these wines are a hidden gem for wine lovers looking to broaden their tasting experiences.

You can even explore this region further by visiting wallawallawine.com, which offers a wealth of information on the area, the vineyards, and even the possibility of membership options. Next time you find yourself perusing the wine store, look out for a bottle from Walla Walla Valley and discover the delicious secrets of this underappreciated wine region. Much like understanding the nuances of personal finance, you'll find that a little exploration can lead to rich rewards.

Want to learn more:

  1. Understanding the Debt Ceiling: Here is an accessible, easy-to-understand primer from Investopedia that explains the concept of the Debt Ceiling and its implications.

  2. The US Debt Ceiling History: This article from The Balance presents a historical overview of the U.S. Debt Ceiling, providing insight into its past increases and the reasons behind them.

  3. The US has never defaulted on its debt — except the four times it did | The Hill

  4. The Potential Impact of a Default: A report from Moody's Analytics (login required) provides data-driven predictions about the potential fallout if the U.S. were to default on its debts.

  5. Debt Ceiling and the 14th Amendment: This National Constitution Center article explores the debates around the potential application of the 14th Amendment to bypass the Debt Ceiling.

  6. Walla Walla Valley Wines: Learn more about the Walla Walla Valley and its exquisite wines on the official Walla Walla Valley Wine Alliance website.

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

Economics 101: Understanding Economic Terms

Economics 101: Understanding Economic Terms

Get ready to dive into the world of finance like you've never done before! In this episode, our financial wizard Amy Irvine takes us on a whirlwind tour, decoding complex financial jargon and making it as easy as ABC. From short selling to capital gains, Amy breaks down intricate financial terms with her knack for making tricky concepts digestible. Ever wondered what 'market capitalization' really means? Or how about the strategy behind 'dollar cost averaging'? Well, you're in the right place.

But that's not all! Get ready to journey with Amy to the lush vineyards of Tennessee as she shares her wine region recommendation for this episode. With a glass of enchanting French Hybrid wine in hand, we promise you an enlightening experience where finance meets fun. So, buckle up for a roller coaster ride through the finance world and get ready to become the savvy investor you've always dreamed of being. Cheers to knowledge and good wine!

Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!

If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com

Or visit us at www.rootedpg.com/podcasts for full show notes and links!

What You’ll Learn:

Market Capitalization

  • Amy kicks things off with a clear definition of market capitalization and how it divides companies into categories of large cap, mid cap, and small cap. These terms, based on the overall value of a company's publicly traded shares, can greatly influence investment strategies.

Dollar Cost Averaging

  • Next up, we discuss dollar cost averaging, a strategy that involves regularly investing a fixed amount of money, regardless of asset price. Amy explains why this method can help investors avoid the pitfalls of market timing and reduce the impact of market volatility.

Liquidity

  • Amy gives a great explanation of liquidity, referring to how quickly assets can be converted into cash. She also introduces us to its opposite - illiquidity - and discusses how these concepts can affect your financial decisions.

Short Selling

  • We then move onto short selling, a topic that has made headlines in recent years. Amy breaks down this high-risk investment strategy and why it's not typically recommended for most investors.

ETFs vs Mutual Funds

  • Amy helps us understand the difference between exchange-traded funds (ETFs) and mutual funds. While they may seem similar, they're traded differently and can have distinct implications for your investment portfolio.

Capital Gains & Capital Gain Distributions

  • Finally, we delve into the world of capital gains and capital gain distributions. Amy highlights the important differences between these two terms and how they can affect your tax return.

If there are any financial terms you've heard and want to learn more about, we encourages listeners to reach out. We are always eager to help unravel the complexities of financial terminology and make finance more accessible to everyone.

Wine Region Recommendation

In this episode, Amy invites us on a captivating journey through the flourishing vineyards of Tennessee, USA. Tennessee is making its mark in the wine world with its French Hybrid wines. These wines, bred to resist the harsh American winters and various vine diseases, provide a unique flavor profile that sets Tennessee wines apart.

From the Appalachian High Country to the banks of the Mississippi River, Tennessee's diverse landscape offers a myriad of wine experiences. The state's vineyards, characterized by their Southern charm and hospitality, provide unforgettable tastings, guided tours, and a deep immersion into the vibrant local culture. If you're a wine enthusiast, your next adventure in the heart of America should be exploring Tennessee's burgeoning wine industry!


This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

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